Market Analysis Report

28 September 2017

Bitcoin & Altcoins Rebound

After a few devastating days for the cryptocurrency community, in which the global cryptocurrency market cap dropped to as low as $60 Billion, driven by the uncertainties brought about by the possible chain split in Bitcoin. Now, both BTC and altcoins are showing signs of recovery. The price of Bitcoin dropped to as low as $1800 before recovering to its current price, $2070. In the last 24h, the price of Bitcoin has risen 4.60% with over $360M exchanged in the BTC/USD markets during that period.


Ether is up 14.1% against the dollar at $177.1 with an average volume Ƀ 104,873 on the ETH/BTC pair.

See live charts here (BTC) and here (ETH)

AlphaBay Taken down by Law Enforcement, Alleged Admin Commits Suicide in Jail

According to reports, raids to find the people behind the darknet market operation, Alphabay, took place in the United States, in Canada, and in Thailand on July 5, with a Canadian news outlet being the first to report them. In Thailand a 26-year-old Canadian national named Alexander Cazes was arrested at a private residence in Bangkok. Cazes was wanted by U.S. authorities for drug trafficking charges and, according to the Bangkok Post, a warrant for his arrest was issued on June 30, per request of U.S. authorities. According to DeepDotWeb, he was believed to be AlphaBay admin DeSnake.

Cazes was going to be sent to the U.S. so he could face charges there but a duty officer noticed a towel hanging from the toilet door in his cell, but couldn’t see him. After entering the cell, the officer found Cazes dead, and it is now believed he used the towel to hang himself. The Canadian national was living in Thailand with his wife for eight years, reportedly working as a computer programmer. Police seized three houses and four Lamborghini cars, worth about 400 million baht (approximately $12 million).

Read more here

GDAX Plans to Suspend Bitcoin Withdrawals If UASF Activates

Digital currency exchange platform GDAX has revealed its contingency plans in the event a controversial Bitcoin scaling proposal is activated. BIP 148 triggers a so-called user-activated soft fork, or UASF, to activate the Segregated Witness (SegWit) scaling solution. However, the proposal could lead to a network split where two chains can emerge. GDAX general manager Adam White wrote that the exchange could take action in the event that either one chain emerges as the stronger one or the two co-exist as separate chains, explaining:

"In either scenario we will implement safeguards to ensure the safety of our customers' funds. For example, we will temporarily suspend the deposit and withdrawal of bitcoin on GDAX and may pause the trading of bitcoin as well. This decision will be based on our assessment of the technical risks posed by the fork, such as replay attacks and other factors that could create network instability."

Read more here

Albanian Central Bank Issues Bitcoin Warning, Appeals To Public to Be Mature

As cryptocurrencies grow in popularity, central banks and governments continue to make statements regarding the dangers of digital currencies, or, conversely, extolling their benefits. The most recent bank to issue such a warning is the central bank of Albania. The bank issued a strong statement warning citizens that digital currencies were not under the direct purvey of the country’s banking sector regulations and that such vehicles carried extremely high levels of risk.

The Albanian authorities stated:

“We appeal to the Albanian public to be mature and responsible in the administration of savings or liquidity they possess. One should orient investments toward financial products and instruments offered by institutions licensed and supervised by the Bank of Albania and the Financial Supervisory Authority.”

Read more here

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State of the Crypto

Bitcoin is up 5.1% at $2,082.32 with a volume of Ƀ 194,004.4 - $373,650,998.5 on the USD pairs.

Litecoin is up 8.97% against the dollar for the day at $42.51 and up 3.08% to Ƀ 0.02041 on volumes of Ƀ 30.8k.

Ether is up 8.84% against Bitcoin at Ƀ 0.08567 per Ether and up 14.72% against the dollar to $178.07 with average volume Ƀ 105.6k on the ETH/BTC pair.

Dash is up 3.56% at Ƀ 0.07132 with Ƀ 5.6k volume and up 8.25% against the dollar at $148.98.

Ripple is down 4.23% to Ƀ 0.00007747 with volumes of Ƀ 20.1k and up 0.06% against the dollar at $0.1613.

Zcash is up 6.9% for the day to Ƀ 0.08447 per ZEC and up 12.59% against the dollar to $173.77 with an average volume of Ƀ 3.5k for the 24 hour period.

Monero is up 5.24% against the dollar at $32.72 and up 0.63% against Bitcoin at Ƀ 0.01587 on volumes of Ƀ 4.7k.

Ether Classic is down 0.83% to Ƀ 0.007303 with volumes of Ƀ 9,978.08 and up 5.53% against the dollar at $15.26.

Stratis is up 7.02% to Ƀ 0.001585 on Ƀ 2.7k volume.

Waves is up 2% to Ƀ 0.001021 on Ƀ 484 volume.

Market risers
1 OTX +45.83%
2 HBZ +43.65%
3 LIQUID +42.75%
4 WSX +28.00%
5 EVR +25.57%
Market losers
1 EFYT -28.75%
2 INSUR -19.23%
3 OKB -17.57%
4 TER -17.28%
5 PST -16.12%
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